Filing for Bankruptcy in Colorado

Get information on the forms and process to file for bankruptcy in Colorado.

Filing for bankruptcy in Colorado? Although most of bankruptcy
(including the filing process) is governed by federal law, there is some
Colorado-specific information you will need to file for bankruptcy.
Much of this information you can get online. Here's how.

In order to qualify for Chapter 7 or Chapter 13 bankruptcy, you must
show that you received credit counseling from an agency approved by the
U.S. Trustee in Colorado within the six month period before you file for
bankruptcy. You’ll also have to take a debtor education course before
you get a bankruptcy discharge. (To learn more about this requirement,
including the rare exceptions, see Credit Counseling & Debtor Education Requirements in Bankruptcy.)

You can find the list of approved Colorado credit counseling agencies here.

You can find the list of approved Colorado debtor education agencies here.

Colorado Bankruptcy Exemptions

Colorado has a set of bankruptcy exemptions which help determine what
property you get to keep in Chapter 7 bankruptcy, and play a role in
how much you repay unsecured creditors in Chapter 13 bankruptcy. (To
learn more, see our Bankruptcy Exemptions area.)

Unlike in some states, Colorado does not allow debtors to use the
federal bankruptcy exemptions. If you file for bankruptcy in Colorado,
you'll have to use the Colorado state exemptions.

Completing the Bankruptcy Forms in Colorado

When you file for Chapter 7 or Chapter 13 bankruptcy, you must
complete a bankruptcy petition, a number of schedules containing
detailed information about your finances, and several other forms,
including a lengthy form known as the “means test” (for Chapter 7) and a
similar form for Chapter 13.

Getting and Completing the Official Bankruptcy Forms

Finding Means Test Information for Colorado

When you file for bankruptcy in Colorado, you must compare your
income to the median income for a household of your size in Colorado. If
your income is less than the median, you will be eligible to file for
Chapter 7 and, if you choose to file for Chapter 13, you can use a
three-year repayment plan (rather than five years). This is called the
means test.

If your income is above Colorado’s median income, you still might
qualify for Chapter 7, but you’ll have to provide detailed information
about your expenses and payments on secured debts in order to find out.
Most Chapter 13 filers also have to provide this information.

For information about each of these forms, see:

Form 22A – Statement of Current Monthly Income and Means Test Calculation (for Chapter 7), and

Form 22C – Statement of Current Monthly Income and Calculation of Commitment Period and Disposable Income(for Chapter 13).

Here’s how to find the Colorado-specific figures for these means test forms:

Colorado median income figures. For a one-person
household in Colorado, the median income is $47,361. For a family of
three, the Colorado median income is $69,252. These figures change
periodically. You can find the most current figures for each household
size here.

Example. John’s annual income is $40,000. He lives alone. He will automatically pass the means test because his income is below $47,361.

Standard deductions. Forms 22A and 22C have a
comprehensive list of expense categories, such as housing,
transportation, food, and childcare. For some of those categories (like
childcare), you provide the actual amount you spend. For others, you
plug in a predetermined amount -- sometimes that figure is standard for
the whole country, other times it varies by county or region.

You can find all of the Colorado state, county and region-specific
figures you’ll need for Forms 22A and 22C on the U.S. Trustee’s website
at www.justice.gov/ust. Click on “Bankruptcy Reform” and then “Means Testing Information.”

Example. In Colorado, the standard amount you list
on your bankruptcy papers for housing varies by county. For example, if
you live in Jefferson County, your mortgage or rent deduction is $1,239
for a one-person household. But if you live in Lincoln County, the
deduction is $678. You can find housing expense standards for each
Colorado county here.